GIC Re's H1 net result down

Indian reinsurer GIC Re reported an 8.3% drop in its net result with 23.369 billion INR (281 million USD) for the first half of fiscal year 2023-2024, which runs from 1 April 2023 to 30 September 2023.

Over the same period, the gross written premiums were up by 2.9% to 196.798 billion INR (2.368 billion USD).

For its part, the combined ratio deteriorated by 3.06 points to stand at 116.98%, against 113.92% a year earlier.

The investment income has improved by 9% to 55.559 billion INR (668 million USD), and the solvency ratio has gained 57 points to 282%.